Our Westcombe Park solicitor has identified a difference when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he is obliged to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
My wife and I have recently appointed a conveyancing solicitor in Westcombe Park. I need to find out if they are on the Godiva Mortgages Ltd approved list of lawyers. Could you advise?
The first thing to do is call the solicitor and ask them whether they are on the lender panel. Otherwise please call Godiva Mortgages Ltd who may be able to help.
My bid for a property was accepted at auction in Westcombe Park. Conveyancing is necessary. What is next?
Now that you have exchanged you now have to instruct a conveyancing practitioner as a matter of priority as you are faced with a fast approaching a fixed date to complete the conveyancing. All auction property should have a bespoke legal pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You must give this to your appointed conveyancing solicitor ASAP. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Westcombe Park conveyancing practitioners were instructed. How long does it take for Lloyds to forward the offer to the conveyancer?
Some lenders take longer than others. Have Lloyds done the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am selling my apartment. I had a double glazing fitted in December 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Leeds Building Society are being a right pain. The Westcombe Park solicitor who is on the Leeds Building Society conveyancing panel is saying indemnity insurance will be fine but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Westcombe Park differ for newly converted properties?
Most buyers of new build or newly converted property in Westcombe Park come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Westcombe Park tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Westcombe Park or who has acted in the same development.
I was advised by two or three local selling agents in Westcombe Park to find a solicitor on your site. What’s the financial inducement for Estate Agents to recommend your services over and above a competitor’s?
We refuse to offer any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
We are midway through buying a house in Westcombe Park. Conveyancing lawyer has phoned to say the title is "Leasehold". Should this adversely affect our Santander valuation?
Westcombe Park conveyancing does not ordinarily involve leasehold houses. The crucial consideration here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's essentially freehold, so it’s unlikely to impact the saleability too much.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a significant effect on the value, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease to be supplied to your conveyancer.